The Global Deep Cycle Battery Market was estimated at USD 2.5 billion in 2021 and is anticipated to reach around USD 5.2 billion by 2030, growing at a CAGR of roughly 8% between 2022 and 2030.
CMI research report offers a 360-degree view of the Deep Cycle Battery market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Deep Cycle Battery market.
Deep Cycle Battery Market: Overview
Our analysis indicates that the market growth during and after the COVID-19 timeframe has been negatively impacted. The market for deep cycle batteries is expanding mostly due to older people’s rising use of golf carts. In contrast, other factors, such as the rising popularity of Li-ion batteries, could restrain this expansion.
CMI research researchers have analyzed historical data to determine the COVID-19 pandemic’s effect on the deep cycle battery market as well as its main market drivers. To achieve a competitive edge, end goals can be determined, and marketing strategies can be improved with a comprehensive analysis of the drivers.
Browse the full “Deep Cycle Battery Market Size, Trends and Insights By Type (Flooded Lead-acid Batteries (FLA), Valve Regulated Lead-acid Batteries (VRLA)), By Application (Stationary, Automotive, Motive Platform), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/deep-cycle-battery-market/
Growth Factors
The global deep cycle battery market is growing as a result of the aging population’s increasing use of golf carts. Older people frequently use golf carts. Additionally, they are used for errands like grocery shopping and short commutes. Golf carts are being introduced into the public sector by governments in nations like India for the elderly population. At several rail stations in Dammam, Riyadh, and Hofuf, the Saudi Railway Organization also provides golf cart service for senior citizens and travelers with impairments. Additionally, golf carts are used for regular commuting.
China and India are two APAC developing nations that are spending more and more on high-speed rail systems. The infrastructure on the Delhi-Mumbai and Delhi-Kolkata routes would be upgraded in order to run trains at a speed of 160 kmph, the Indian Railways department said in October 2019. Similarly, China declared in January 2019 that it would invest in 6,800 km of new railway lines in 2019, 3,200 km of which would be high-speed train lines. Over the past few years, there has been a noticeable increase in the number of high-speed trains. These improvements carry with them a substantial potential for the market for deep cycle batteries used in rolling stock.
Segmental Overview
The market for Deep Cycle Battery is segmented into type and application. By type, in 2021, the valve-regulated lead-acid batteries segment held the greatest market share. Due to their less weight and increased dependability, VRLA batteries are sealed lead-acid batteries used in UPS systems, military aircraft, and automobiles.
The presence of a fiberglass mat in the battery enables producers to ship batteries without being subject to limitations on hazardous materials. AGM batteries’ key benefit is that they can hold a charge up to five times longer than a typical FLA battery. Due to the benefits mentioned above, AGM batteries are anticipated to continue growing over the projected period.
Based on application, the deep cycle battery market is segmented into stationary, motive platform, and automotive. Due to the extensive network of telecommunication towers around the world, it is predicted that the stationary segment would have considerable growth during the forecast period.
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Regional Overview
According to estimates, the Deep Cycle Batteries market is dominated by the Asia Pacific region. In terms of use, it is predicted that Asia Pacific will account for a significant portion of the global market for deep cycle batteries in the years to come. Deep cycle battery demand is anticipated to expand in the future due to the demand for automotive, primarily electric, transportation, and the development of telecommunications networks in China, South Korea, and India. It is predicted that the growing need for off-grid power reserve equipment in Asia Pacific’s expanding countries, such as Vietnam, Indonesia, and Malaysia, will offer enticing opportunities for deep cycle battery production firms in the region.
The market for deep cycle batteries in North America and Europe is expanding due to an increase in the need for recreational vehicles like boats, forklifts, and golf carts in the industrial sector. Customers from the United States are significant owners of fishing boats and recreational vessels.
The market for deep cycle batteries is anticipated to grow in the upcoming year because of the rise in the sale of entertaining boats. Because of these regions’ enticing travel and tourism industries, it is predicted that the importance of deep cycle batteries would expand throughout Latin America the Middle East Africa.
Competitive Landscape/ Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Deep Cycle Battery market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
Some of the prominent players
- CD Technologies Inc.
- Trojan Battery
- Crown Battery Manufacturing Co.
- East Penn Manufacturing Co. Inc.
- S. Battery Manufacturing Company
- Johnson Controls International Plc
- EnerSys
- EverExceed Industrial Co. Ltd.
- Exide Technologies
- Rolls Battery
- GS Yuasa Corp.
- HBL Power Systems Ltd.
Table of Contents: https://www.custommarketinsights.com/report/deep-cycle-battery-market/#table-of-contents
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